The trend topic of artificial intelligence does not stop at the traditional banking sector. As Commerzbank informs, it is starting a project to create a banking avatar together with Microsoft Azure and the associated OpenAI services. That’s what lies behind it.
• Commerzbank plans banking avatar project
• Commerzbank relies on Microsoft Azure OpenAI Service
• Customer experience should be improved
The trending topic of artificial intelligence (AI) is currently on everyone’s lips. Since the chat robot ChatGPT from OpenAI went viral, numerous use cases of the innovative technology have already emerged. After various companies have already announced that they are striving for increased AI integration, movement is also occurring in the traditional banking sector.
Commerzbank recently announced via a press release that it was planning to implement an AI-based banking avatar. Specifically, the avatar is a digital assistant that resembles a virtual person and “interacts with customers in natural language,” as the statement states. The aim of the AI project is to improve the customer experience. Customers can ask the avatar their questions and also receive general information. The initial plan is to integrate the virtual assistant into the Commerzbank banking app.
Novel avatar technology
Commerzbank claims to be one of the first banks to use the innovative avatar technology in combination with generative AI to optimize customer applications. She hopes that the step towards artificial intelligence will further increase customer satisfaction and simplify the credit institution’s digital services even more.
“We are excited to launch the Banking Avatar project. It is a new way of banking that combines convenience, personalization and digital performance at the next level. We want to offer our customers the best digital experience and help them manage their finances easily and managed in a trustworthy manner,” Thomas Schaufler, Commerzbank’s board member for private and business customers, is quoted in the press release.
Implementation with Microsoft Azure
The bank relies on Microsoft Azure OpenAI Service to implement the project. The financial house particularly wants to benefit from the AI provider’s advanced GPT models, which ensure “natural and appealing conversations”. In addition, the integration of the “Microsoft Azure to speech avatar service” recently introduced by Microsoft Ignite is also planned. This is used to make the virtual avatar expressive and realistic.
“The launch of the Avatar project is a new chapter in Commerzbank’s IT strategy and a prime example of the use of generative AI and Microsoft’s new avatar technology. It will significantly improve the customer interface, customer experience and banking processes,” says Dr Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank, in the statement.
First customer tests positive
Now it remains to be seen whether the project will achieve the desired goals in the long term. However, in initial tests, the AI banking avatar had already achieved very good results and confirmed “the innovative character of this new solution”. “The Banking Avatar project, powered by Azure AI’s advanced voice capabilities, is a great example of how companies can leverage Generative AI technology to deliver a new level of dynamic, personalized customer experiences,” said Ralph Haupter, President Microsoft EMEA, in the release.
Editorial team finanzen.net
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